EECU Credit Union’s Post

In 2023, trust levels in the banking sector took a downward turn, discussed by James Daley in Anna Wise's article in The Standard on debanking. https://lnkd.in/e5AYgD5Y

The SAFER Banking Act isn’t just a rebadged version of SAFE - there are some updates in the former that really do improve (or at the very least helpfully expand upon) what’s in the latter. Here’s what financial institutions need to know about what’s changed and how this might impact cannabis-related financial services as a whole. The big difference to me is that we’re moving from an “opt-in” model for cannabis banking to “opt-out”. #cannabis #marijuana #cannabisbanking #banking

Our Co-Founder and VP of Knowledge, Paul Dunford, ACBP, CAMS, shares insights on the clear differences between the SAFE Banking Act vs. the SAFER Banking Act and why the SAFER Banking Act is far more robust. Financial institutions should read further on how some of the adjustments in the legislation could impact their operations. Read more here ⤵️ https://hubs.li/Q02hHBtT0

How good is your bank relationship?

An excellent article published in Crain's Detroit Business on March 7th highlighted how banking has changed. With fewer and fewer branches across the country, it amplifies the value of having an effective and efficient process in place. With the support of Lenderful Solutions, you can continue to give your customers/members the personalized service they have come to expect. Taking a decentralized approach to lending, banks/credit unions can still maintain a consistent and centralized lending process. To learn more, visit www.lenderfulsolutions.com https://lnkd.in/g8aW8y8R

#BankingAndFinanceNews Please Repost

Regional branch closures. The drawn out inquiry into bank branch closures in regional Australia has concluded, with the report released late last Friday. There is a lot to digest, which I will unpack further. For now, here are some of the highlights: 1. Deeming access to financial services as an essential service. This specifically includes reasonable access to cash and financial services – access equals physical access 2. A recommendation toward a government-owned bank, with Australia Post featuring at the centre of this recommendation 3. Quite a bit around a Banking Code of Conduct, both its development and its enforcement. The recommendation is that the code be mandatory 4. The removal of barriers to customers switching banks, with the ACCC playing a central role in this 5. Tied to points 1 and 2 above, the establishment of a “Regional Community Banking Branch Program which would be funded by a supplement to the major bank levy (a levy on a levy?) 6. A proactive stance to require banks to have an agreement for Bank@Post services 7. A further role for the ACCC to proactively protect personal and business banking in regional and remote areas This report has taken a much stronger position than I was expecting. On first read, it does look like there is overreach, so it will be interesting to see what the next steps are, both by government and industry. More to come, and I’ll add links to my further commentary in the comments as I put it up… https://lnkd.in/gf5G7Nt6

In a world of app-based banking, access to a face-to-face banking services is becoming increasingly rare 🏦 One UK town has lost six of its bank branches in the past three years with only one remaining, which has promised its 8,000 customers (one quarter of the local population) it will be staying open. But how do residents feel about these closures? Read more This Is Money 👉 https://bit.ly/436gBYk #RetailBanking #Banking #BankBranchClosures

#BankingAndFinanceNews Please Repost

Community banks are getting creative in the battle for deposits. Here's how they're building relationships to win: Networking power: Bridgewater Bank hosts events to connect business customers. As CDO Lisa Salazar notes, "It is not an accident that many of our new clients come to Bridgewater through referrals." Banking on education: Paducah Bank focuses on staff training. Terry Bradley, CDO, emphasizes: "By emphasizing the features and benefits of our products and services, we enable our staff to grasp their purpose and the value they bring to our clients." Niche targeting: INSBANK operates specialized online divisions. CDO Andrew Smith shares their strategy: "INSBANK has developed products and services that support the unique needs of businesses and consumers for whom larger financial institutions have difficulty delivering quality services." The common thread? Relationship banking. As Bradley puts it: "It's never about rates." These community banks are proving that personalized service and deep customer understanding can be powerful weapons in the deposit war. How is your institution innovating to attract and retain deposits?